• Closed to New Clients
  • Finance
  • May 22, 2023

Does Rocket Money share personal credit information?

You may be entitled to up to $1,000.

  • You can qualify for this claim if you used Rocket Money in the last two years.
  • Rocket Money users concerned about whether Rocket Money is sharing their personal credit information with other companies should sign up.
  • All claims are backed by Labaton Keller Sucharow, a national law firm that has recouped over $25 Billion for people like you.

Rocket Money requires users to enter their personal information and link their financial accounts to use its services, like budgeting and subscription cancellation. Once enrolled, Rocket Money then reports users’ financial information and credit history to third-party “partners” where it is used for advertising and marketing. However, Rocket Money does not maintain the procedures required by federal law to obtain proper consent to share this information with third-parties. If you have created or used a Rocket Money account within the past two years, you may be entitled to up to $1,000 in compensation.

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Rocket Money advertises itself as a personal finance management app that helps its users monitor their spending and loans and cancel or re-negotiate recurring subscriptions. Users link their financial accounts, like bank and credit card accounts, to Rocket Money’s financial data tracking systems. Rocket Money then additionally shares users’ personal credit information with third-party partners such as mortgage or auto loan companies for advertising or marketing purposes.

Under the Fair Credit Reporting Act, a federal law, companies can only share credit information on consumers for certain permissible purposes. The law requires these reporting companies to maintain numerous additional processes for protection and transparency, including using reasonable procedures to verify the accuracy of your credit reports, making your report available to you, providing a channel for you to dispute incorrect information, and to verify either the identity of the person or business that is seeking your credit information.

We are pursuing private arbitration claims against Rocket Money on behalf of its users whose sensitive credit information was shared for impermissible marketing purposes, and for failing to maintain the required protection and transparency procedures required by law. Successful claims could be entitled to compensation of up to $1,000, along with additional damages depending on your state of residence.

Please remember:

This content is for your information only and is not legal advice. We are not your lawyers until you sign an attorney-client agreement with us. All information provided by you is confidential and will only be used for your case.

Frequently asked questions

TOPICS
  • Miscellaneous
What is arbitration?
Arbitration is a private dispute resolution process. Your claim will not be filed in court. Your claim will be decided by an arbitrator, who is a neutral person chosen by you and the company. We can select an arbitrator for you who is fair and neutral.
Is arbitration confidential?
Yes, arbitration is a confidential, private process.
Once I sign up, how does the process work?
Once you sign up, you’ll be asked to sign our attorney-client agreement. That allows us to investigate your private arbitration claim. Then, log in to your secure client portal. All information is strictly privileged and confidential and will only be used for your claim. Answer a few more questions, upload a few documents, and we’ll take it from there. We’ll analyze your claim and your losses, negotiate with the company, and, if necessary, pursue your claim in arbitration.
How do your fees work?
Our fees will be a percentage of the settlement or recovery we obtain for you. That amount will depend on the rules in the state you live in. We only receive a fee if you win, and you will never owe us any money.
What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act ("FCRA") is a United States law that protects consumer credit information collected by consumer reporting agencies such as credit bureaus, medical information companies, and tenant screening services. You can read more about your rights under the FCRA here. In addition to regulating companies that utilize consumer credit information, the FCRA also regulates national consumer reporting agencies ("NCRAs") like Experian. It requires that an NCRA, upon receipt of a legitimate consumer dispute, investigate the disputed credit item within 45 days.

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